Is gold a setback or a recovery?
We are cautiously monitoring the current prices of gold as developments in the Middle East continue to push gold towards new peaks
Therefore, we will have a detailed scenario for the movement of gold, which is as follows: -
Gold shows purchasing power at the peaks and has positive results, which pushes gold from the 2330 areas towards 2254 after an implicit correction and testing by buyers.
Gold is now falling without clear selling quantities, so the likely probability is still bullish, but it is waiting for it to enter in strong volumetric quantities at the corrective bottom that it forms, as it did in previous corrections at the 2267 areas.
If gold reaches the new peak from 2353 to the sixties areas, then a strong seller appears with quantities at the peaks, with the stability of the four-hour candles in the American period below the peak, we may see negativity for gold that takes it back until 2300 or below that, all the way to the 2228 areas.
Gold stability above the 2370 level will be bullish towards 2404, especially since gold still prefers to rise in reaction to news and economic data.
Therefore, we will have a detailed scenario for the movement of gold, which is as follows: -
Gold shows purchasing power at the peaks and has positive results, which pushes gold from the 2330 areas towards 2254 after an implicit correction and testing by buyers.
Gold is now falling without clear selling quantities, so the likely probability is still bullish, but it is waiting for it to enter in strong volumetric quantities at the corrective bottom that it forms, as it did in previous corrections at the 2267 areas.
If gold reaches the new peak from 2353 to the sixties areas, then a strong seller appears with quantities at the peaks, with the stability of the four-hour candles in the American period below the peak, we may see negativity for gold that takes it back until 2300 or below that, all the way to the 2228 areas.
Gold stability above the 2370 level will be bullish towards 2404, especially since gold still prefers to rise in reaction to news and economic data.
Qaiser WH
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